NOW Inc. (NYSE: DNOW) reported Q2 EPS of ($0.16), $0.15 better than the analyst estimate of ($0.31). Revenue for the quarter came in at $370 million versus the consensus estimate of $369.96 million.

Financial Highlights

• Revenue was $370 million for the second quarter of 2020
• Net loss was $30 million and non-GAAP net loss excluding other costs was $18 million for the second quarter of 2020
• Diluted loss per share was $0.27 and non-GAAP diluted loss per share excluding other costs was $0.16 for the second quarter of 2020
• Non-GAAP EBITDA excluding other costs for the second quarter of 2020 was a loss of $15 million, which includes the unfavorable impact of $12 million in inventory charges
• Cash and cash equivalents was $269 million and long-term debt was zero at June 30, 2020
• Free cash flow for the second quarter of 2020 was $66 million

David Cherechinsky, President and CEO of NOW Inc., noted, “I want to first acknowledge and thank our employees for their hard work, dedication and agility during these truly unprecedented times. I am proud our company has risen to the occasion to continue providing uninterrupted support for our customers.

We are taking decisive measures to achieve structural efficiencies by combining businesses, centralizing support functions, delayering management, consolidating distribution centers and evolving the branch model, while also making significant cost reductions. We are deploying technology to eliminate repetitive tasks and condense the order to cash process, as well as investing in digital tools to enrich the customer experience. We improved our already stellar balance sheet by expanding our cash position to $269 million and we remained debt free with ample runway on our undrawn credit facility.

I am confident in our talented people, the continued streamlining of our business and the technological advancements we are making through our digital tools platform DigitalNOW®. We are building a resilient model to drive long-term growth, fortify our upstream position while diversifying and investing in the midstream, downstream and industrial end markets.”

Prior to the earnings conference call a presentation titled “NOW Inc. Second Quarter 2020 Key Takeaways” will be available on the Company’s Investor Relations website. Refer to Supplemental Information in this release for GAAP to non-GAAP reconciliations.

For earnings history and earnings-related data on NOW Inc. (DNOW) click here.